Boardwalk Pipeline Partners L.P. (BWP) Stake Lifted by JPMorgan Chase & Co.
JPMorgan Chase & Co. lifted its position in shares of Boardwalk Pipeline Partners L.P. (NYSE:BWP) by 37.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,289,095 shares of the pipeline company’s stock after purchasing an additional 620,514 shares during the period. JPMorgan Chase & Co. owned 0.91% of Boardwalk Pipeline Partners worth $33,421,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in BWP. The Manufacturers Life Insurance Company grew its stake in Boardwalk Pipeline Partners by 7.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,374 shares of the pipeline company’s stock valued at $133,000 after buying an additional 494 shares during the last quarter. Sheaff Brock Investment Advisors LLC grew its stake in Boardwalk Pipeline Partners by 0.3% in the 2nd quarter. Sheaff Brock Investment Advisors LLC now owns 11,241 shares of the pipeline company’s stock valued at $202,000 after buying an additional 31 shares during the last quarter. Rafferty Asset Management LLC acquired a new position in Boardwalk Pipeline Partners in the 2nd quarter valued at about $211,000. Cetera Investment Advisers acquired a new position in Boardwalk Pipeline Partners in the 2nd quarter valued at about $248,000. Finally, Proficio Capital Partners LLC grew its stake in Boardwalk Pipeline Partners by 3.2% in the 2nd quarter. Proficio Capital Partners LLC now owns 15,989 shares of the pipeline company’s stock valued at $262,000 after buying an additional 500 shares during the last quarter. Institutional investors own 97.18% of the company’s stock.
BWP has been the topic of a number of research reports. ValuEngine lowered shares of Boardwalk Pipeline Partners from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Royal Bank of Canada restated a “hold” rating and set a $18.00 target price on shares of Boardwalk Pipeline Partners in a research report on Wednesday, September 6th. UBS restated a “buy” rating and set a $18.00 target price (down previously from $22.00) on shares of Boardwalk Pipeline Partners in a research report on Wednesday, October 4th. Zacks Investment Research lowered shares of Boardwalk Pipeline Partners from a “hold” rating to a “sell” rating in a research report on Friday, October 20th. Finally, Citigroup decreased their target price on shares of Boardwalk Pipeline Partners from $22.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, November 2nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $20.50.
Boardwalk Pipeline Partners (NYSE:BWP) last issued its quarterly earnings results on Monday, October 30th. The pipeline company reported $0.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.01. Boardwalk Pipeline Partners had a net margin of 22.50% and a return on equity of 7.55%. The company had revenue of $300.50 million during the quarter, compared to the consensus estimate of $324.85 million. During the same quarter in the prior year, the firm posted $0.19 EPS. The firm’s quarterly revenue was down .9% on a year-over-year basis. research analysts forecast that Boardwalk Pipeline Partners L.P. will post 1.41 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 16th. Investors of record on Thursday, November 9th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.96%. The ex-dividend date was Wednesday, November 8th. Boardwalk Pipeline Partners’s payout ratio is 33.90%.
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About Boardwalk Pipeline Partners
Boardwalk Pipeline Partners, LP is a limited partnership company. The Company’s business includes integrated natural gas and natural gas liquids, and other hydrocarbons (referred to together as NGLs) pipeline and storage systems. The Company is engaged in the operation of interstate natural gas and NGLs pipeline systems, and integrated storage facilities, including interstate natural gas pipeline systems located in the Gulf Coast region, Oklahoma, Arkansas and the Midwestern states of Tennessee, Kentucky, Illinois, Indiana and Ohio, and its NGLs pipelines and storage facilities in Louisiana and Texas.
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